Corning (NYSE:GLW) Price Target Increased to $37.00 by Analysts at JPMorgan Chase & Co.

Corning (NYSE:GLW) had its price objective raised by JPMorgan Chase & Co. from $36.00 to $37.00 in a research note published on Wednesday, Benzinga reports. JPMorgan Chase & Co. currently has a neutral rating on the electronics maker’s stock.

A number of other brokerages also recently weighed in on GLW. StockNews.com upgraded Corning from a sell rating to a hold rating in a report on Monday, April 1st. Morgan Stanley reissued an overweight rating and set a $35.00 target price on shares of Corning in a research note on Monday, April 22nd. UBS Group lifted their price target on shares of Corning from $34.00 to $35.00 and gave the company a neutral rating in a research note on Monday, April 8th. Barclays raised their target price on Corning from $28.00 to $35.00 and gave the company an equal weight rating in a research note on Wednesday, January 31st. Finally, Susquehanna reaffirmed a positive rating and set a $40.00 price target on shares of Corning in a research note on Monday, April 1st. One analyst has rated the stock with a sell rating, five have issued a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of Hold and a consensus target price of $34.89.

Corning Trading Up 0.3 %

Shares of NYSE GLW opened at $33.48 on Wednesday. The stock has a market cap of $28.64 billion, a P/E ratio of 47.15, a price-to-earnings-growth ratio of 1.85 and a beta of 1.07. Corning has a 52-week low of $25.26 and a 52-week high of $36.01. The firm has a 50 day moving average price of $32.32 and a two-hundred day moving average price of $30.55. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.05 and a current ratio of 1.67.

Corning (NYSE:GLW) last released its quarterly earnings results on Tuesday, April 30th. The electronics maker reported $0.38 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.36 by $0.02. The firm had revenue of $2.98 billion during the quarter, compared to analyst estimates of $3.12 billion. Corning had a net margin of 4.96% and a return on equity of 12.31%. The company’s revenue was down 11.5% compared to the same quarter last year. During the same quarter last year, the business earned $0.41 EPS. As a group, equities analysts forecast that Corning will post 1.87 EPS for the current year.

Corning Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, March 28th. Investors of record on Thursday, February 29th were given a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a yield of 3.35%. The ex-dividend date was Wednesday, February 28th. Corning’s payout ratio is currently 157.75%.

Insiders Place Their Bets

In other Corning news, Vice Chairman Lawrence D. Mcrae sold 77,464 shares of the company’s stock in a transaction dated Thursday, March 21st. The shares were sold at an average price of $33.24, for a total value of $2,574,903.36. Following the completion of the sale, the insider now directly owns 215,254 shares of the company’s stock, valued at approximately $7,155,042.96. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 0.40% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of GLW. Natixis Advisors L.P. grew its position in shares of Corning by 5.9% during the 3rd quarter. Natixis Advisors L.P. now owns 101,322 shares of the electronics maker’s stock valued at $3,087,000 after acquiring an additional 5,616 shares during the period. KMG Fiduciary Partners LLC purchased a new stake in Corning in the fourth quarter worth $1,199,000. Socha Financial Group LLC raised its stake in shares of Corning by 8.8% in the fourth quarter. Socha Financial Group LLC now owns 343,624 shares of the electronics maker’s stock valued at $10,463,000 after buying an additional 27,772 shares during the period. HB Wealth Management LLC lifted its position in shares of Corning by 24.2% during the 4th quarter. HB Wealth Management LLC now owns 9,871 shares of the electronics maker’s stock valued at $301,000 after buying an additional 1,926 shares during the last quarter. Finally, SG Americas Securities LLC grew its stake in shares of Corning by 59.8% during the 4th quarter. SG Americas Securities LLC now owns 108,358 shares of the electronics maker’s stock worth $3,300,000 after acquiring an additional 40,564 shares during the period. Hedge funds and other institutional investors own 69.80% of the company’s stock.

Corning Company Profile

Corning Incorporated engages in the display technologies, optical communications, environmental technologies, specialty materials, and life sciences businesses in the United States and internationally. The company's Display Technologies segment offers glass substrates for flat panel displays, including liquid crystal displays and organic light-emitting diodes that are used in televisions, notebook computers, desktop monitors, tablets, and handheld devices.